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China's Hong Kong listed company seeks investment in paper production in Myanmar

By:Xinhua Net   Update:2018-05-22
YANGON, May 21 (Xinhua) -- A China's Hong Kong listed company is seeking to construct a paper production plant in Myanmar's southern Bago region, the official Global New Light of Myanmar reported Monday.

Chairman of Lee & Man Paper Manufacturing limited, which is Hong Kong-listed Chinese private papermaking company, told Bago Region Chief Minister U Win Thein that the company will use the waste from the production plant to generate electricity for the plant itself.

He said the production plant requires 3.4 million square-meters of area and will send 3,000 local residents of Bago to attend a one-year training course in China for the investment.

The regional government vowed to provide full support for the investment project.

Meanwhile, Myanmar authorities has granted six investment proposals in the Bago region in recent months.

The permitted enterprises, with a capital of 16.35 million U.S. dollars, mainly include those in manufacturing sector and will create more than 7,100 job opportunities.

At present, about 78 foreign investment enterprises are running in Bago region with estimated capital of 1.58 billion U.S. dollars while 944.7 billion kyats (694.6 million U.S. dollars) worth investments by Myanmar citizens from 32 local enterprises.

In accordance with the figures from the Directorate of Investment and Company Administration (DICA), a total of 5.718 billion U.S. dollars' foreign direct investment entered the country during FY 2017-2018.

Under the new Myanmar Investment Law, investment with capital not exceeding 5 million U.S. dollars can be permitted by regional and state authorities of the DICA.